New Ministry of Investment Formed in UAE

Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates and Ruler of Dubai, has announced the creation of a Ministry of Investment within the federal government structure.

In a tweet, Sheikh Mohammed said: "Today, I chaired a meeting of the cabinet at the Presidential Palace in Abu Dhabi. We made several decisions, including creating a Ministry of Investment in the country within the federal government structure, and appointing Mohammed Hassan Al Suwaidi as Minister of Investment in the UAE."

The new ministry aims to develop the investment vision in the UAE, stimulate the domestic investment environment, enhance our competitiveness, and continuously improve our regulations to ensure we remain a global investment destination and a major player in global investment flows.

Al Suwaidi is the CEO and Managing Director of the Abu Dhabi Holding Company ADQ since May 2019, and the Chairman of the Board of Abu Dhabi National Energy Company "TAQA" since 2022.

The UAE cabinet also approved the updated National Energy Strategy based on the rapid changes in the sector, with the goal of tripling the contribution of renewable energy over the next seven years and injecting between AED 150 to 200 billion in national investments during the same period to meet the increasing demand for energy in the country due to its accelerated economic growth.

Sheikh Mohammed bin Rashid said: "We also approved our national strategy for hydrogen - which has recently emerged as one of the most important types of clean energy - and the plan aims to consolidate the UAE's position as a producer and source of low-emission hydrogen over the next eight years by developing supply chains and establishing hydrogen oases to develop this promising industry, in addition to establishing a specialized national research and development center for the hydrogen sector."